Business
King's Bay Resources Corp. Agrees to Acquire Cannabis Industry's Elicit Labs, Announces Change of Business and Financing
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[{"type":"text","content":"King’s Bay Resources Corp. Agrees to Acquire Cannabis Industry’s Elicit Labs, Announces Change of Business and FinancingNot for distribution to United States newswire services or for dissemination in the United States VANCOUVER, BC / ACCESSWIRE / March 29, 2019 / King's Bay Resources Corp. (\"King's Bay\" or the \"Company\") (TSXV: KBG) is pleased to announce that it has entered into an arm's length agreement dated March 29, 2019 with Mr. Joshua Stimmel and others to acquire all of the issued and outstanding equity of S&S Company, LLC (\"S&S\"), which owns and operates the licensed S&S California cannabis production and extraction lab, with immediate plans for expansion with high-capacity extraction and distillation under the brand name Elicit Labs. The acquisition of S&S is being done in conjunction with a 5:1 consolidation of King's Bay share capital, a change of King's Bay name, a financing, and changes to King's Bay management (collectively, the \"Proposed Transaction\"). The parties have agreed to cooperate reasonably and in good faith in finalizing the structure of the Proposed Transaction for optimal tax treatment of the parties and for operational purposes. On completion of the Proposed Transaction, S&S will carry on its business as an indirect subsidiary of King's Bay.Among other closing conditions, the Proposed Transaction is subject to the approval of King's Bay shareholders, which will be sought at a general meeting expected to be scheduled for a date in June 2019 (the \"Meeting\"). King's Bay shares will remain halted until the closing of the Proposed Transaction (the \"Closing\"). Further information respecting the Proposed Transaction will be contained in the management information circular to be prepared by the Company and delivered to its shareholders prior to the Meeting, a copy of which will be filed under the Company's profile at www.sedar.com.About S&SS&S Company LLC, under the brand name Elicit Labs is an innovative extraction and manufacturing private company doing business in California for over 4 years. Elicit Labs has established new, innovative methods to isolate cannabis compounds and to do so more efficiently, resulting in better, purer quality outputs. This proprietary product is marketed under the brand name \"Absolute Crumble\". These methods are at the co...